Saudi increased oil exports as Opec discussed output cuts
Saudi Arabia’s oil exports rose to a seven-month high in November, the same month that the Organization of the Petroleum Exporting Countries (Opec) decided to keep production levels unchanged in the face of falling oil prices.
According to the statistics provider Joint Organisations Data Initiative, Saudi exports rose to 7.3m barrels a day, up from 6.9m barrels in October. Meanwhile, the country’s production in November dropped to 9.61m barrels a day from 9.69m barrels in October.
With global oil prices in decline since June, non-Opec members, such as Russia, as well as members of the organisation, like Iran and Venezuela, pushed for a change in policy – such as lower overall production – at the last Opec meeting, held in Vienna in November. Yet Saudi Arabia, backed by the UAE and Kuwait among others, stood fast against the proposals.